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The analysts forecast the Global Banking and Payment Smart Cards market to grow at a CAGR of 12.97 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing need for a tamper-resistant payment system. The Global Banking and Payment Smart Cards market has also been witnessing an increasing adoption of near-field communication payments. However, the high initial cost of development and deployment of smart cards could pose a challenge to the growth of this market.

The report, the Global Banking and Payment Smart Cards Market 2012-2016, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the markets in the Americas and the EMEA and APAC regions; it also covers the Global Banking and Payment Smart Cards market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Key questions answered in this report:- What will the market size be in 2016 and what will be the growth rate?- What are key market trends?- What is driving this market?- What are the challenges to market growth?- Who are the key vendors in this market space?- What are the market opportunities and threats faced by key vendors?- What are the strengths and weaknesses of each of these key vendors?

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Commenting on the report, an analyst from the team said: “An NFC-enabled device can operate in reader/writer, peer-to-peer or card emulation mode. For mobile contactless payments, the NFC-enabled mobile device operates in card emulation mode and appears to an external reader to be a traditional contactless smart card. Payment information is stored in the mobile phone in a secure element, which is a smart card chip that protects stored data and enables secure transactions. Contactless payments and ticketing using NFC devices can enable secure monetary transactions. As the adoption of NFC-based payments is increasing, this is supporting the growth of the Global Banking and Payment Smart Card market.”

According to the report, one of the major drivers is the increased need for a tamper-free payment system. Generally, cards are embedded with magnetic tapes which only store the information on end-users' accounts. These can be easily tampered with, and this can result in monetary loss for end-users. Smart cards store all the information in the form of a pin code which is difficult to decode. This protects the financial information about end-users.

Further, the report states that the major challenge faced by the market is the high initial deployment and replacement cost. Regions such as South America and the APAC region have limited vendor penetration and few local players. The limited vendor penetration has led to the market being controlled by a small set of vendors; hence, the low competition is resulting in high initial deployment and replacement cost.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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